Mirna Therapeutics
03-14-17

Mirna Therapeutics Reports Financial Results for the Fourth Quarter and Full Year Ended December 31, 2016

AUSTIN, Texas--(BUSINESS WIRE)-- Mirna Therapeutics, Inc. (Nasdaq: MIRN), a biopharmaceutical company, today reported financial results for the fourth quarter and year ended December 31, 2016 and provided a corporate update.

Following its November 2016 decision to discontinue all research and development activities including the development of MRX34, Mirna began implementing operating cost reductions and organizational restructuring to reduce overall cash burn, including a reduction in its workforce. The Company engaged a financial advisor and has been pursuing activities to identify and evaluate strategic alternatives, including a possible merger or sale of the Company.

"Our strategic process is active and ongoing and we are pursuing discussions with third parties on a range of potential transactions," said President and CEO Paul Lammers, M.D., M.Sc. "We are committed to serving our shareholders' best interests through our efforts to identify, evaluate and potentially consummate a transaction that may result from these activities."

2016 FINANCIAL RESULTS

About Mirna Therapeutics, Inc.

Mirna is a biopharmaceutical company that has been focused on the development of microRNA-based oncology therapeutics. Mirna's first product candidate, MRX34, the first microRNA mimic to enter clinical development in oncology, was studied as a single agent in a multicenter Phase 1 clinical trial. In September 2016, Mirna voluntarily halted enrollment and dosing in the clinical study following multiple immune-related serious adverse events (SAEs) observed in patients dosed with MRX34 over the course of the trial. Subsequently, the U.S. Food and Drug Administration (FDA) notified the Company that the Investigational New Drug (IND) Application for MRX34 was placed on full clinical hold. The Company is currently evaluating opportunities to enhance stockholder value.

Forward-Looking Statements

To the extent that statements contained in this press release are not descriptions of historical facts regarding Mirna, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the evaluation of strategic alternatives with the goal of enhancing stockholder value, our expectations regarding projected restructuring charges, our expectations regarding the timing of settlement of employee severance and related benefits and our expectations regarding our quarterly cash burn rate. Such forward-looking statements involve substantial risks and uncertainties that could cause our future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. We undertake no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to our business in general, see our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (SEC) on March 14, 2017.

   
Mirna Therapeutics, Inc.
Condensed Balance Sheets
(in thousands, except per share data)
 
December 31, December 31,
2016 2015
Assets
Current Assets:
Cash and cash equivalents $ 16,432 $ 89,713
Short-term marketable securities 44,066
Prepaid expenses and other current assets 882   829  
Total current assets 61,380 90,542
Property and equipment, net 354 375
Restricted cash 2,432    
Total assets $ 64,166   $ 90,917  
Liabilities and Stockholders' Equity (Deficit)
Current Liabilities:
Accounts payable $ 361 $ 3,687
Accrued expenses 2,400   2,214  
Total current liabilities 2,761 5,901
Lease obligations, long-term 1,053    
Total liabilities 3,814   5,901  
 
Stockholders' Equity (Deficit):

Common stock, $0.001 par value; 250,000,000 shares authorized
at December 31, 2016 and December 31, 2015; 20,841,393 and
20,830,555 shares issued and outstanding at December 31, 2016
and December 31, 2015, respectively

21 21
Additional paid in capital 163,126 161,518
Accumulated deficit (102,791 ) (76,523 )
Accumulated other comprehensive loss (4 )  
Total stockholders' equity 60,352   85,016  
Total liabilities and stockholders' equity $ 64,166   $ 90,917  
 
       
Mirna Therapeutics, Inc.
Condensed Statement of Operations and Comprehensive Loss
(in thousands)
 

For the Quarter Ended
December 31,

 

For the Year Ended
December 31,

2016   2015   2016   2015
(unaudited) (unaudited)
Operating expenses:
Research and development $ 2,341 $ 6,363 $ 13,930 $ 18,947
General and administrative 1,999 2,462 8,118 6,080
Restructuring charges 4,442 4,442
Loss on disposal of assets     128    
Total operating expenses 8,782 8,825 26,618 25,027
Other income:
Interest income 88   36   350   44  
Net loss $ (8,694 ) $ (8,789 ) $ (26,268 ) $ (24,983 )
Less: Accretion and dividends on convertible preferred stock   (101 )   (4,320 )
Net loss attributable to common stockholders $ (8,694 ) $ (8,890 ) $ (26,268 ) $ (29,303 )
 

Investors
Mirna Therapeutics, Inc.
Alan Fuhrman, 512-901-0950
afuhrman@mirnarx.com
or
Media
BMC Communications
Brad Miles, 646-513-3125
bmiles@bmccommunications.com

Source: Mirna Therapeutics, Inc.

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